Philippines to borrow $80 million from World Bank for disaster response

ABS-CBN News

Posted at Dec 23 2021 03:35 PM


MANILA - The Philippines will draw $80 million (P4 billion) from the World Bank's $500-million standby credit line for disaster relief and rehabilitation following the onslaught of typhoon Odette, the Department of Finance said on Thursday. 

Finance Secretary Carlos Dominguez III said the World Bank's loan facility will provide the government immediate access to funds for its ongoing efforts to aid the recovery of typhoon-hit areas. 

"This week, the DOF will draw $80 million from the World Bank disaster financing loan to fund the amount with cover in the 2021 budget," Dominguez said. 

The Philippines will draw another $120 million from the same standby loan facility in the first week of January when the loan cover will be available in the 2022 national budget, Dominguez added. 

A presidential declaration of a state of calamity or a public health emergency is required to trigger the release of the funds available under the $500 million standby loan facility, the DOF said. 

President Rodrigo Duterte declared a state of calamity in Regions 4B (MIMAROPA–Mindoro, Marinduque, Romblon and Palawan), 6 (Western Visayas), 7 (Central Visayas), 8 (Eastern Visayas), 10 (Northern Mindanao) and 13 (Caraga).

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